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JLT's 2014 revenues up on steady performance in its diverse holdings

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JLT's 2014 revenues up on steady performance in its diverse holdings

Jardine Lloyd Thompson Group P.L.C. posted revenues of £1.10 billion ($1.70 billion) for 2014, up 6.2% from £979.15 million ($1.51 billion) in 2013, the London-based brokerage said Tuesday.

JLT said pre-tax profit for 2014 totalled £159.74 million ($246.6 million), up 3.4% from a year previously.

JLT said that organic revenue growth was 6%.

Dominic Burke, CEO of JLT, said that the brokerage was very pleased with that organic growth when set against the “headwinds of a declining rating environment in insurance and reinsurance.”

The London-based insurance and reinsurance brokerage said that revenues for its risk and insurance division increased by 13% in 2014 to £820.5 million ($1.27 billion).

JLT said its reinsurance division, which was boosted by the integration of Towers Watson & Co.'s reinsurance operation which JLT bought in late 2013, posted revenues of £159.6 million ($246.4 million), a 108% increase over 2013.

Mark Drummond Brady, deputy CEO of JLT and a board member of the company's U.S. division that was created in August said the brokerage saw significant growth opportunities in the United States because of its speciality focus.

JLT USA is expected to post revenues of about $50 million in 2015, he said.

JLT said that given the scale of its investment in JLT USA — expected to be about $80 million between 2015 and 2017 — it will report results for the division separately.

JLT's employee benefits division posted revenues of £283.6 million ($437.8 million) for 2014, an 11% increase over 2013, and a trading profit of £65.0 million ($100.3 million), up from £55.8 million ($86.1 million)in 2013.

In the United Kingdom, JLT's employee benefits business reported revenues of £183.2 million ($282.8 million).

Mr. Burke said that JLT's position as an administrator of private pensions in the United Kingdom had been boosted by the acquisition in April of Ensign Pensions Administration from the Merchant Navy Officers Pension Fund.

JLT also sees growth potential for its employee benefits business in emerging markets, said James Twining, group commercial director at JLT.

Separately, on Tuesday, JLT Australia announced the acquisition of Sydney-based workplace health, safety and rehabilitation provider Recovre Group.

The deal will see about 280 new staff join JLT in Australia, Mr. Twining said.

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